Mortgage and Real Estate Insights

A reverse mortgage is a home equity loan without a payment. You do not repay the loan as long as the home remains your principal residence. Your income and credit rating is not considered when qualifying for the loan. The writer is a reverse mortgage expert.

An elder does not have to own the home free and clear to obtain a reverse mortgage.

More questions will be answered in later chapters. It’s time to explore the groups and individuals who will be considering reverse mortgages.
We will show you why the numbers, reasons, and backgrounds will change over time.

Here we will explore why a significant percentage of older homeowners, plus their children-the 75 million baby boomers who are now asking financial and lifestyle questions for their parents-will consider a reverse mortgage as a viable opportunity in their life. While aging in place-including home maintenance, medical costs and property taxes-will be the primary reason for tapping into home equity for decades to come, there are many other underestimated needs and wants that will quickly race to the front burner once a greater number of consumers digest the relatively new reverse mortgage programs and the predicted health care debacle.

Travel, investments, longed-for toys, and even new home purchases will be popular choices under the reverse mortgage umbrella.

A brokers mortgage in canada can fine tune the mortgage product for you. An expert mortgage broker is essential to understand your Vancouver mortgage options.

The writer is a reverse mortgage broker in Canada. He specializes in reverse mortgages to help seniors life their life in dignity. Reverse mortgages can greatly assist the elderly in living their lives to the fullest.

W hat many people have now house, neighborhood, friends, church, club-is exactly what they’d like to keep. Unfortunately many of them simply don’t know how, or where, to look to find the funds to help them age in place. And, the immediate key for the present group of seniors is supplementing income for everyday expenses while affording long-term care. The two represent the most delicate balance in this country today-if you spend for one, you simply don’t get the other. The need for long-term care will generate a rush of reverse mortgage applications for decades to come. A reverse mortgage may not be the only avenue taken to offset the costs of retirement living, but many analysts believe it could easily emerge as the secret sauce.

Dr. Barbara Stucki, a Bend, Oregon, researcher and consultant, completed a study for the National Council on the Aging (NCOA) that supports tapping into home equity via a reverse mortgage as the critical financing vehicle to help seniors afford long – term care services at home.

Stucki, former senior policy analyst for the American Council of Life Insurance and an MRP employee, was the project manager and lead author of National Blueprint for Increasing the Use of Reverse Mortgages for Long-Term Care. The NCOA, with the support of the Centers for Medicare and Medicaid Services (CMS) and the Robert Wood Johnson Foundation, sought to find a way to increase the use of home equity to fund long-term care services and insurance, thereby curtailing the financial disaster predicted for Medicare and Medicaid.

A brokers mortgage in canada can fine tune the mortgage product for you. An expert mortgage broker is essential to understand your Vancouver mortgage options.

The writer is a reverse mortgage broker with numerous reverse mortgage clients.

“Seniors who are at a financial crossroads have many decisions to make,” Scholen said. “They should find out what they can get for their house and seriously consider selling. They can move to a less expensive house or area. . . go and see for themselves what they thought it would be. For most people, this process reinforces the strong tie to what they have now. When you look at other places, you get a better idea of what you value now.

It’s time to make some decisions-for both seniors and their adult children who will soon be making the same decisions for themselves. This book is an attempt to spark that process.

A brokers mortgage in canada can fine tune the mortgage product for you. An expert mortgage broker is essential to understand your Vancouver mortgage options.